Independent Bank (US:IBCP) Globenewswireยท2025-01-23 12:59Core Insights - Independent Bank Corporation reported a net income of $18.5 million for Q4 2024, an increase from $13.7 million in Q4 2023, resulting in earnings per diluted share of $0.87 compared to $0.65 in the prior year [1][30] - For the full year 2024, net income reached $66.8 million, up from $59.1 million in 2023, with earnings per diluted share increasing from $2.79 to $3.16 [1][30] Financial Performance - The company achieved a 10% annualized growth rate in its loan portfolio for Q4 2024, with a remarkable 24% growth in the commercial loan segment [2] - Net interest income for Q4 2024 was $42.9 million, a 6.8% increase from the previous year, and a 2.4% increase from Q3 2024 [3][4] - The net interest margin improved to 3.45% in Q4 2024, up from 3.26% in Q4 2023 [3][6] - For the full year, net interest income totaled $166.2 million, reflecting a 6.3% increase from 2023 [4] Asset Quality - Total non-performing loans increased to $6.0 million as of December 31, 2024, compared to $5.2 million in 2023, with a non-performing loans ratio of 0.15% [12][13] - The provision for credit losses was $2.2 million in Q4 2024, compared to a credit of $(0.6) million in Q4 2023 [12][5] Balance Sheet and Capital - Total assets grew to $5.34 billion as of December 31, 2024, an increase of $74.4 million from the previous year [14] - Loans, excluding those held for sale, reached $4.04 billion, up from $3.79 billion in 2023 [14] - Total shareholders' equity increased to $454.7 million, representing 8.52% of total assets, compared to $404.4 million or 7.68% in 2023 [16] Dividends and Share Repurchase - The Board of Directors approved an 8% increase in the quarterly dividend, marking the twelfth consecutive annual increase [2] - A share repurchase plan was authorized to buy back up to 1,100,000 shares, approximately 5% of outstanding common stock, effective through December 31, 2025 [18]